World HVAC Equipment to 2018

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Date: 12-May-2014
No. of pages: 425
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World demand to rise 6% annually through 2018

Global demand for HVAC equipment is expected to rise roughly six percent per year to $113 billion in 2018. Gains will be aided by continued expansion in building construction activity worldwide and improved spending in developed areas as the global recession of 2009 and subsequent slow recovery limited the market during the 2008-2013 period. Growth will also be driven by increased market penetration, stimulated by rising personal incomes that enable a wider array of individuals to purchase comfort equipment. Additionally, expanded infrastructure, leading to improved access to reliable electricity in developing countries, will provide the energy sources required to power HVAC equipment. Product development is extremely important and will continue to grow at a rapid pace in light of rising interest in more efficient systems and regulations requiring both greater efficiency and, in the case of cooling equipment, the use of more environmentally friendly refrigerants. To this end, HCFCs (e.g., R-22) are increasingly phased out in favor of HFCs (e.g,. HFC-410a), hydrocarbons (e.g., propane), and “natural” refrigerants (e.g., ammonia).

Dominant Asia/Pacific region to gain market share

The largest regional market for HVAC equipment in 2013 was the Asia/Pacific region, with half of the global total. Advances will be propelled by the continuing development of the Chinese market, which will account for 59 percent of regional sales in 2018 and nearly onethird of additional global demand through 2018. India is expected to post the most rapid gains worldwide with double-digit growth of HVAC equipment sales through 2018 aided by expanding electric power infrastructure and HVAC distribution networks, rising incomes, and greater construction spending. However, in many of the least developed countries in the region, growth for HVAC equipment will be restrained by inadequate personal incomes, unreliable power supplies, and limited product availability.

In 2013, North America was the second largest regional market, accounting for one-fifth of global sales. The US is the world’s second largest national HVAC equipment market, accounting for 16 percent of global demand in 2013. The enormity of the US market reflects the immense size and advanced nature of the country’s economy. The US market, along with Western Europe and Japan, will see improved sales rates through 2018 as these areas continue to recover from subdued construction activity, nonresidential investment, and consumer spending associated with the 2009 global recession.

Heat pumps to be fastest growing type worldwide

Room air conditioners accounted for approximately one-quarter of global HVAC equipment sales in 2013. Minisplits will achieve the more rapid gains, as these units are generally more energy efficient than window units due to the common inclusion of inverter technology. Heat pumps are projected to register the fastest gains through 2018, arising from a low base. Heat pumps are valued for their energy efficiency and ability to provide both heating and cooling capabilities. Market penetration of these products is relatively low throughout the world, and demand often is dependent on government incentives (e.g., low interest loans, rebates, tax breaks) and low electricity rates (where electricity is the primary energy source).

Company Profiles

Company Profiles for 31 global competitors, including Daikin Industries, GD Midea, Gree Electric Appliances, Ingersoll-Rand and United Technologies

Additional Information

This study covers the world heating, ventilation, and air conditioning (HVAC) equipment industry, defined here to include residential and nonresidential heating equipment (e.g., heat pumps, cast iron and steel boilers, warm air furnaces, humidifiers, and room and zone heating equipment) and cooling equipment (e.g., room air conditioners, unitary air conditioners, dehumidifiers, and others). Ventilation systems and portable versions of equipment such as heaters, dehumidifiers, and humidifiers are not included in this study.

In addition, the study discusses construction, regulatory, and other market environment factors. Historical data are provided for 2003, 2008, and 2013, with forecasts for 2018 and 2023. Shipments are provided in US dollars and number of units for the major types of heating and cooling equipment, and demand is provided in dollars for heating and cooling equipment by major market (i.e., residential and nonresidential).

World HVAC Equipment to 2018

Table Of Contents

Introduction XI

I. Executive Summary 1

II. Market Environment 4
General  4
World Economic Overview 5
Recent Historical Trends 5
World Economic Outlook 6
Fixed Investment Trends 10
Personal Income Trends 12
World Demographic Overview  13
Population 14
Households 16
World Urbanization Patterns  18
Building Construction Expenditures  20
Residential Construction Expenditures 22
Nonresidential Construction Expenditures 24
Climate & Cultural Factors  26
Pricing Patterns 28
Legal & Regulatory Issues  29
Montreal Protocol 30
Kyoto Protocol 33
Energy Efficiency 35
Technology & Product Innovation  37

III. Overview 40
General 40
Regional Overview 41
Demand 41
Production 46
International Trade 49
Demand by Product 51
Room Air Conditioners  53
Unitary Air Conditioners  58
Heat Pumps 61
Boilers 64
Warm Air Furnaces 67
Other Heating & Cooling Equipment  70

IV. North America 73
General 73
HVAC Equipment Supply & Demand  74
Demand by Type & Market 78
United States 80
Canada 88
Mexico 95

V. Western Europe 102
General 102
HVAC Equipment Supply & Demand  103
Demand by Type & Market  107
France 110
Germany 116
Italy 124
Spain 130
United Kingdom 137
Other Western Europe  142

VI. ASIA/Pacific 150
General 150
HVAC Equipment Supply & Demand  151
Demand by Type & Market  155
Australia 158
China 166
India 175
Indonesia 184
Japan 192
South Korea 200
Other Asia/Pacific  207

VII. Other Regions 216
Central & South America  216
HVAC Equipment Supply & Demand 217
Demand by Type & Market  221
Brazil 222
Other Central & South America 230
Eastern Europe 236
HVAC Equipment Supply & Demand 238
Demand by Type & Market  241
Poland 243
Russia 249
Other Eastern Europe  256
Africa/Mideast 262
HVAC Equipment Supply & Demand 264
Demand by Type & Market  267
Turkey 269
Other Africa/Mideast  276

VIII. Industry Structure  285
General 285
Industry Composition  286
Market Share 289
Development & Manufacturing  293
Marketing 295
Distribution 297
Mergers & Acquisitions  298
Cooperative Agreements  301
Company Profiles  310
Advanced Distributor Products, see Lennox International AFG Arbonia-Forster-Holding AG 311
Airwell France, see Elco Holdings Alliance Compressors, see Emerson Electric, Ingersoll-Rand, and Lennox International American Standard Heating and Air Conditioning, see Ingersoll-Rand Ariston Thermo Group  313
Blue Star Limited  316
Bosch (Robert) GmbH  319
Broan-NuTone, see Nortek Carrier, see United Technologies Carrier Midea India Private, see GD Midea Holding and United Technologies CES Group, see Nortek Chaffoteaux, see Ariston Thermo Group Chongqing Midea General Refrigeration Equipment, see GD Midea Holding Climaveneta, see DeLclima Daikin Industries Limited  323
Danfoss A/S 331
Dectron Internationale Incorporated 334
De’Longhi SpA  337
DeLclima SpA 338
Dunham-Bush Holding Bhd  340
Elco Holdings Limited  343
Elco Shared Services, see Ariston Thermo Group Electra Consumer Products 1970, see Elco Holdings Electrolux AB  346
Emerson Electric Company  348
GD Midea Holding Company Limited 352
Goodman Global Group, see Daikin Industries Gree Electric Appliances Incorporated 356
Haier Group Company  358
Hitachi Limited  361
Ingersoll-Rand plc  365
International Comfort Products, see United Technologies J&E Hall International, see Daikin Industries Jiangsu Chunlan Refrigerating Equipment Stock Company Limited 370
Johnson Controls Incorporated 371
Kermi, see AFG Arbonia-Forster-Holding Lennox International Incorporated 377
LG Electronics Incorporated  382
McQuay International, see Daikin Industries Misr Refrigeration and Air Conditioning Manufacturing, see GD Midea Holding and United Technologies Mitsubishi Electric Corporation 385
Nordyne, see Nortek Nortek Incorporated  389
OYL Group, see Daikin Industries OYL-Condair Industries, see Daikin Industries and Johnson Controls Paloma Company Limited  394
Panasonic Corporation  397
PZP HEATING as, see AFG Arbonia-Forster-Holding Raypak, see Paloma RC Group, see DeLclima Rheem Manufacturing, see Paloma Ruud Manufacturing, see Paloma Samsung Electronics Company Limited 401
Sharp Corporation  403
Thermoplus Air, see Dectron Internationale Trane, see Ingersoll-Rand United Technologies Corporation 405
Voltas Limited  414
Whirlpool Corporation  416
Zhuhai Gree Daikin Device, see Daikin Industries and Gree Electric Appliances Additional Companies  419

List Of Tables

Section I -- Executive Summary
Summary Table 3

Section II -- Market Environment
1 World Gross Domestic Product by Region  9
2 World Fixed Investment by Region  11
3 World Per Capita GDP by Region  13
4 World Population by Region  16
5 World Households by Region  18
6 World Urban Population by Region  20
7 World Building Construction Expenditures by Region 22
8 World Residential Building Construction Expenditures by Region 24
9 World Nonresidential Building Construction Expenditures by Region 26

Section III -- Overview
1 World HVAC Equipment Demand by Region  44
2 World HVAC Equipment Shipments by Region 48
3 World HVAC Equipment Net Exports by Region 51
4 World HVAC Equipment Demand by Product  52
5 World Room Air Conditioner Demand by Region 57
6 World Unitary Air Conditioner Demand by Region 60
7 World Heat Pump Demand by Region  63
8 World Boiler Demand by Region  66
9 World Warm Air Furnace Demand by Region  69
10 World Other Heating & Cooling Equipment Demand by Region 71

Section IV -- North America
1 North America: HVAC Equipment Supply & Demand 77
2 North America: HVAC Equipment Demand by Type & Market 79
3 United States: HVAC Equipment Supply & Demand 85
4 United States: HVAC Equipment Demand by Type & Market 88
5 Canada: HVAC Equipment Supply & Demand  92
6 Canada: HVAC Equipment Demand by Type & Market 94
7 Mexico: HVAC Equipment Supply & Demand  99
8 Mexico: HVAC Equipment Demand by Type & Market 101

Section V -- Western Europe
1 Western Europe: HVAC Equipment Supply & Demand 106
2 Western Europe: HVAC Equipment Demand by Type & Market 109
3 France: HVAC Equipment Supply & Demand 113
4 France: HVAC Equipment Demand by Type & Market 116
5 Germany: HVAC Equipment Supply & Demand 121
6 Germany: HVAC Equipment Demand by Type & Market 124
7 Italy: HVAC Equipment Supply & Demand 128
8 Italy: HVAC Equipment Demand by Type & Market 130
9 Spain: HVAC Equipment Supply & Demand 134
10 Spain: HVAC Equipment Demand by Type & Market 136
11 United Kingdom: HVAC Equipment Supply & Demand 140
12 United Kingdom: HVAC Equipment Demand by Type & Market 142
13 Other Western Europe: HVAC Equipment Supply & Demand 146
14 Other Western Europe: HVAC Equipment Demand by Type & Market 149

Section VI -- Asia/Pacific
1 Asia/Pacific: HVAC Equipment Supply & Demand 154
2 Asia/Pacific: HVAC Equipment Demand by Type & Market 157
3 Australia: HVAC Equipment Supply & Demand 162
4 Australia: HVAC Equipment Demand by Type & Market 166
5 China: HVAC Equipment Supply & Demand 172
6 China: HVAC Equipment Demand by Type & Market 175
7 India: HVAC Equipment Supply & Demand 180
8 India: HVAC Equipment Demand by Type & Market 184
9 Indonesia: HVAC Equipment Supply & Demand 189
10 Indonesia: HVAC Equipment Demand by Type & Market 192
11 Japan: HVAC Equipment Supply & Demand 197
12 Japan: HVAC Equipment Demand by Type & Market 200
13 South Korea: HVAC Equipment Supply & Demand 204
14 South Korea: HVAC Equipment Demand by Type & Market 207
15 Other Asia/Pacific: HVAC Equipment Supply & Demand 212
16 Other Asia/Pacific: HVAC Equipment Demand by Type & Market 215

Section VII -- Other Regions
1 Central & South America: HVAC Equipment Supply & Demand 220
2 Central & South America: HVAC Equipment Demand by Type & Market  222
3 Brazil: HVAC Equipment Supply & Demand 227
4 Brazil: HVAC Equipment Demand by Type & Market 230
5 Other Central & South America: HVAC Equipment Supply & Demand 234
6 Other Central & South America: HVAC Equipment Demand by Type & Market  236
7 Eastern Europe: HVAC Equipment Supply & Demand 240
8 Eastern Europe: HVAC Equipment Demand by Type & Market 242
9 Poland: HVAC Equipment Supply & Demand 246
10 Poland: HVAC Equipment Demand by Type & Market 248
11 Russia: HVAC Equipment Supply & Demand 253
12 Russia: HVAC Equipment Demand by Type & Market 256
13 Other Eastern Europe: HVAC Equipment Supply & Demand 260
14 Other Eastern Europe: HVAC Equipment Demand by Type & Market 262
15 Africa/Mideast: HVAC Equipment Supply & Demand 266
16 Africa/Mideast: HVAC Equipment Demand by Type & Market 269
17 Turkey: HVAC Equipment Demand Supply & Demand 273
18 Turkey: HVAC Equipment Demand by Type & Market 275
19 Other Africa/Mideast: HVAC Equipment Supply & Demand 281
20 Other Africa/Mideast: HVAC Equipment Demand by Type & Market 284

Section VIII -- Industry Structure
1 World HVAC Equipment Sales by Company, 2013 288
2 Selected Acquisitions & Divestitures 300
3 Selected Cooperative Agreements  304

List Of Charts

Section III -- Overview
1 World HVAC Equipment Demand by Region, 2013 45
2 World HVAC Equipment Demand by Region, 2003-2023 46
3 World HVAC Equipment Shipments by Region, 2013 49
4 World HVAC Equipment Demand by Product, 2013 53
5 World Room Air Conditioner Demand by Region, 2013 58
6 World Unitary Air Conditioner Demand by Region, 2013 61
7 World Heat Pump Demand by Region, 2013  64
8 World Boiler Demand by Region, 2013  67
9 World Warm Air Furnace Demand by Region, 2013 70
10 World Other Heating & Cooling Equipment Demand by Region, 2013 72

Section IV -- North America
1 North America: HVAC Equipment Demand by Country, 2013 80

Section V -- Western Europe
1 Western Europe: HVAC Equipment Demand by Country, 2013 110

Section VI -- Asia/Pacific
1 Asia/Pacific: HVAC Equipment Demand by Country, 2013 158

Section VIII -- Industry Structure
1 World HVAC Equipment Market Share, 2013 290

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